>> apple might be ready to launch its own podcast subscription service, too. pressure there next week is going to be a holiday shortened week a big week, inauguration quickly, anything to keep in mind. >> be safe out there we will see what happens during inauguration. >> it has been a great week with you, josh. thank you for filling in with me on "power lunch." >> thank you, morgan. >> that's going to do it for us. "closing bell" starts right now. >> stay positive, test negative guys, thank you wech welcome to "closing bell," wilfred frost along with sara eisen. stacks falling, let's look at what's driving the act a pullback in momentum names, recent ipos and small caps the russel down a full percent after what has been a strong week and strong one. retail signaling trouble in consumer spending. nrf data showed a surprise surge in holiday spending ask.

oil prices are falling, energy stocks selling off because of that worst performing sector now, followed by fnlsz, industrials, and materials. 59 minutes left in the trading dma the week the dow is down about .3%. >> ahead on today's show, we will focus on wells fargo's quarter and the stock reaction when we speak first on cnbc with the brand-new cfo michael san though massimo plus, dr. scott gottlieb on president-elect biden's plan to seed up vaccinations in america. and a rock solid partnership. dwayne "the rock" johnson will join us live to discuss his energy drink brand and much more. let's get to the big stories we are following in the final hour of trade. mike santoli tracking today's volatile market. wilfred has a report on the big banks and john rodgers mike, first kick us off with

today's softness what is driving it >> definitely some needed action i think a lot of the cyclical stocks that had been driving things came off a lint this morning. obviously the banks. but also the muted economic data didn't help either we have been consolidating we have been operating the entire we can under friday's closing level. this morning at the lows in the s&p 500 we tested theier to date break even level it was more of a short-term uptrend. it seems like the market is trading back and forth at the index level juice the try to digest its gains we will see if we need a deeper pullback unclear whether that's the case right now. been talkingall week about all the actions happening outside of the mega cap indexes this is the s&p 500 along with the russell 2000 we know how strong small caps have been. the s&p completion index is everything in the u.s. stock market except the s&p 500. it is us thous of stocks but

excludes those large caps. look how it took flight starting october 30th when this rally phase began. it is not just smaller stocks. it is big stocks that haven't yet been in the s&p. square, uber, snowflake, airbnb. a lot of these names that are moving fast are all in that index right there. so it seems as if the s&p is a little bit more the residual at the moment, even though it was the dominant force and nasdaq within it before and then even farther afield otc markets is where non-listed stocks trade they are not on the new york stock exchange used to be called the pink sheets or penny stocks more casually look at this, over the last three months, up 24% compared the just about 9% for the s&p. there is a lot of speculative juice going, flowing through this market. it is just not really in the old names of the nasdaq that have been driving the s&p we will see if maybe that see saw goes in the other direction soon. >> mike thank you. as you mentioned the banks one of the worst performing sectors

today. the key factor, though, for earnings is that provisions for bad loans were, in fact, benefits in the fourth quarter, magging an important change of direction in the recent trend. though only a small initial step relative to the huge provisions booked in the first 3/4s of 2020 for context, jp morgan released $3.9 billion of reserves and still have over $30 billion held of which $19 million was built last year. on the economy their chairman and ceo jamie dimon said things could be cloudy over the next two quarters but by summer we could have a healthy economy net interest income was soft for all names. the recent spike in yields of course arriving this month more than last quarter. wells fargo trading down the most of those banks today. they are more sensitive to that area and still aren't confident when the fed asset cap will be lifted. finally this was the first

earnings call that interim citi ceo jane fraser joined she was asked what we wants for 2021. >> we are a global bank. we want to be the leading global bank we are very well positioned from that from our business that means top tier franchise with a -- that has been well understood by the markets over that time frame. while we have made demonstrable progress over the last ten years since the crisis, we equally know there is a gap to close with your pierce you can hold me accountable for doing so along with the management team. we are a team on a mission to get this done. >> sara, both citi and wells down 6, 7% respectively. but it is all relative they are up over 40% over the last three months. >> it is going to be good to talk to the wells fargo cfo in

just a knew moments. let's focus in on the broader market move. let's bring in jeff roberts of the aerial fund a fund he managed more than 30 years and was listed this week in the "wall street journal's" ranking of top performing mid cap value funds. john, always good to have you here thoinz. >> good to be back >> we are taking a pause has the market just run up too far too fast on all this hope of vaccines and stimulus? >> i think so. i think we have had a nice, nice rally. but i think the delays with the vaccine have been troubling and i think disappointing. and it gives the market an excuse to take a pause but this is just short-term noise. we will be back on track i think before we know it. >> you guys have been long term champions of value stocks. has not worked out for a long time is starting to work now. do you really think this is a sustainable rotation into value?

if so, for how long? >> i think we deserve this rotation you know, it has been a tough 12 years for value managers many value managers have gone out of business completely or people have retired early. other funds have found their assets being cut dramatically. so it has been a really really rough time and it is time for the sun to shine on us value managers there is not many young up-and-coming value managers either which is something interesting. people are all following this growth mandate thinking this time it is different when you hear those terms that i have been seeing in more and more investment committees, this time it is different, you want to own these magical growth stocks that are selling at high multiples that tells me they are getting too expensive, it is a sign that we are getting overwrought. and there is lots of bargains in the value sector we are extraordinarily well positioned to been fit while growth stocks will have a

tough time i think value stocks will make up the difference and it will last we think at least three or four or five years into your stocks are cheap on a p/e basis though they haven't underperformed the last couple of months. when you see the likes of the banks selling off so much today despite tom earnings beats on the the on and bottom line, do you think they have run up too quickly even if you like them for the long term? >> i think it is natural for there to be a correction they have run a long bay there has been a lot of optimism eventually things will selling down, back to equilibrium and then the banks will start to march higher there is a thesis we believe in deeply at ariel that higher interest rates are going to flow from higher inflation. and the stimulus is going to help inflation be higher than many people anticipated which will force interest rates higher which will be good for banks

bankswill do much better at a high interest rate environment. >> is that happening this year, john what's that going to mean for the rest of the market >> i think it is going to be a tale of two cities i think that the undervalued and particularly the cyclical names, will do well with the stimulus the infrastructure spending. as the economy strengthens, they will come out of this cycle very, very strong. their p/e multiples will hold up but the growth stocks will be hit. you get higher and higher interest rates as we all know companies that depend on future earnings to justify their current valuations you are going to have the ability to discount those future earnings with higher interest rates in the same way i think you will see p/e compression as rates go higher and the faang stocks and the hot growth stocks that are selling at multiples that are way, way outside of the norms of american history. >> john give us let's say two stock names that you love for the long term and also have topped up a little bit on

recently >> i think one i would start with -- i was thinking as i was coming over today lizard is a wonderful banking operation run by ken jacobs, a terrific ceo. they have global investment banking talent at the same time they have an international asset management business that is beating expectations recently especially with the strength coming back into the markets lazard is our favorite right now. you talk about one ipo after another, lazard will be a company that will truly benefit from that. the other one this i am excited about and i think a lot of people have give up on completely is madison square garden network you know, they had the regional sports net that broadcast the nix' games and the rangers with governor cuomo finally starting the support gaming and sports galing in particular in new york state, we think they will be really a prime

beneficiary of that new legislation that will hopefully pass sometime in the next year you know, you will have more and more advertising coming from fan duel and all of those types of companies. >> all right thank you very much for joining us and naming some names john rodgers from ariel. after the break, the cfo of wells fargo. you are watching "closing bell" on cnbc. i think financial illiteracy and inclusion is everybody's problem. and that's why we created rapunzl. the rapunzl app was designed for high school and college students to simulate stock portfolios. they're able to buy and sell stocks in real time. thanks to nasdaq's cloud data solution. if somebody tells you just download this app and you could potentially win a scholarship, and you're learning, it's like, yeah.

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quickly after taking the helm. i guess that's a good place to start. you have recently joined you are able to take a fresh perspective on things. i think one of the other factors for the share price decline today having spoken to a few analysts is there is still not a sense of confidence about when the fed asset cap might be lifted i wonder what your take is since you joined were you surprised there was still so much work to be done until that is achieved >> look, you know, i think you -- we should start with all the progress that we think we are making we really do believe we are making a lot of progress on the underlying work that needs to get done on, you know, for the fed to make their determination on the asset cap but there is still a significant amount of work to be done there. and i think we will continue the do that work and it will be really up to the fed the make their determination on where we are going. i think as it relates to sort of early impressions the company, you know, i think the reason why

i came is still very much true, right? we have got great position, whether it is in your middle market business or broader commercial banking business, you know, the consumer franchise, wealth management business so you knowi think there is a lot of capabilities and businesses that we have that just can't be replicated and i think the opportunity that i think we have across those businesses over the long run is still very much what's in our folk news the other big theme of course of this quarter is that you and your peers are moving to reserve releases instead of reserve builds how confident are you that the worst is now behind us in terms of the economic cycle related to the pandemic >> the good news is we start from a real position of strength the capital and liquidity levels that we have are you know significant. and you know, we have significant excess capital and can deal with just about anything that may come up as we sort of look forward but what's true is the underlying performance of the

credit portfolios and the loan portfolios has just been much better than any of us could have predicted, you know just even 90 days ago let alone at sort of the depths of the crisis from earlier in the year. so as we sort of look forward, we are hopeful that the base case scenario where we start to see acceleration of growth in the second half of the year plays out. and if that's the case we feel very well reserved and potentially a little conservative if the base case plays out going forward. >> there was so much optimism, michael, around your stock and your company as the catchup trade because of the underperformance last year, which is why i think the revenue number was so disappointing today. and especially that statement from charlie sharp obviously blaming the operating environment. but also, quote, legacy issues still plaguing the business. i feel like every quarter we ask you about this

it has been four years now since the fake account scandal and how much more pain do you see as a result of what happened >> i appreciate the question, sara you know, look, our agenda is clear. you know, first was really making sure the management team was in place as we said sort of largely in place now, as charlie mentioned. we are very much focused on getting the risk and control agenda solved and behind us and along with it those legacy issues and then really focused on bringing clarity to where we are investing and where we want the strategic direction company to be we sort of walked through a bunch of that, you know, this morning. a big piece of that is the efficiency agenda that we talked about, and really driving, you know, efficiency into just about everything we do across the company which will help us save money and alsoreally be an improvement in how we deliver our services to the many millions of customers that we deal with. >> some were disappointed in the

guidance around net interest income what did you base that off in terms of ten-year yield or 30-year yield? and is there room for improvement if yields pick up a little bit. >> the base case we are using for the top end of the range we gave is really the implied forward curve. you know, it has been moving around quite a bit over the last couple of week but we used kind of what we are seeing in the margaret there wilfred so i think all else equally if rates were to continue to steepen or just go up overall i think you would see benefit in that net interest income we are also assuming loans -- w will see increased loan demand and increased line demand across your corporate and commercial clients very much in line with the pattern of recovery across the country. if those things happen that

would be constructive for news michael quickly, there was talk on the call about reducing your real estate footprint. can you talk us through the scale of that reduction and the reasons behind it? >> yeah, outside the branch system we have just under 50 million square feet, about 46 million square feet. we think we can bring it down 15-plus percent over the next number of years. really that's just using it better like many other companies we have to become more efficient how we use our space this was true precovid when you think about what the pandemic has helped us learn is you probably can get even more efficient than you thought before you went into this environment. so we still very much believe, though, that bringing people together in the office environment is valuable. you know, but whether you are working five days a week there, three days a week there, i think that's something that, you know, all of us are working really hard to figure out, you know, what the right formula will be for each of the groups within the company.

>> michael, thank you for joining us much appreciated. >> yep, thanks, wilf, bye. >> the new cfo of wells fargo. the stock is down 7% today. we have got 40 minutes left of the session we are down across the board for the major afternoons to the tune of about half a percent for the s&p 500. after thebreak the one and only dwayne "the rock" johnson man who seemingly never runs out of energy on why he is getting tohenergy drinks business and some of his other business interests also that's coming up on "closing bell." don't go anywhere.

some powerful names bringing the energy to energy drinks. actor and entrepreneur dwayne "the rock" johnson, along with his business partners are launching zoa this branch. it is a brand be that will be distributed by mole concoors he also has a tequila, a partnership with under armour and acorn. joining us now, dwayne "the rock" johnson, and one of his partners gentlemen, thank you for joining us i fell like celebrities are all now launching their own drinks we just talked to cary underwood about her deal with body armor why are you getting into this space? >> thank you for having us on, number one number two we are getting into this space because we identified

that there was, a, a need, and b, i think a really interesting and exciting white space just in terms of the market and in terms of the consumer. what i mean by need is you know for many, many years you know, myself and my copounding partners john shullman who is on with us now, danny garcia, and dave ramsey, for many years we were the consumers of energy drinks interestingly enough we would drink them in a very -- in a reticent way, and the white space that we had identified that was out there was, well, what if we created an energy drink that gave consumers real confidence, especially if the plan is to expand the category and grow the category. and what if we created an energy drink that expanded the category that gave consumers real confidence in terms of what they were drinking in terms of the caffeine, making sure it was all natural caffeine, green tea action tracts, green coffee

beans. on top of that we thought it was critical -- actually we reverse engineered it, and we began with the immunity package we set out to make a great immunity package in the energy drink space. then once i got covid and my entire family got covid and everyone around us got covid -- it was a scary time but once we got on the other ends of covid we gathered the team back again, witness back to the lab and said when if we created the best immunity package out there and one that quite frankly is not offered at all in the energy space. that's white space that i talk about. there was nice writing on the wall for us to get involved into this space as you know, timing is everything and we had a conversation, and we thought u know, the timing feels good here. you know, we are pretty ambitious and aggressive business people. but we are also very patient and the timing felt right. >> well, there is certainly a rush for immunity boosters right now, john, but also for energy

drinks it is a hot growth space in the beverage category. but it is also increasingly crowded. monster and red bull are out there. they were early. coke coal as a launching its own energy drink pepsico is getting into it how do you see zoea fitting in with some of the other players >> well it is a large category it is an appealing category. innovation inside of the category has thus far been defined largepily by how do you put more caffeine into the can as dj mentioned what we were after is how to out approximate a healthy alternative onto the shelf to actually expand the size of the category while dj, danny, dave, and i had a clear view and a clear thesis that there was that white space in the market, then we had to stress test that with science and market research. when i started juggernaut capital 13 or 14 years ago

mopping the assets that we acquired was an analytical chemistry lab where we test products inside of categories to find the white space and to produce a better entransparent for that category. so we did all this inside of the lab. and we built this formula that does not exist, and only now does, that we are about to put on the shelf and we tested it continuously with consumers so, as dj said, this has an immunity package which does not exist. it has a vitamin and supplement package that does not exist. and then we tested it and repeatedly tested it we worked with the largest flavor house in america. because no matter how good your formula is, how better for you it is it must taste good and we it rated and it rated and it rated we know there is a spot for this offering out there that's why we created zoea

it is a brand. it is bigger than a brand, the first manifestation of which is this healthy energy drink which we are about to put out to mark into dwayne, you have proven how quickly you can grow and scale a brand like this with your tequila. i think one of the tree is your social media reach with 200 plus million followers on instagram alone. i wonder if you had it on your mind as an sbe entrepreneur and investor what the value of that following is that you built up and whether you consider that social media following to be something that you own, that's yours or whether the platform deserves to be able to have some control over it? >> well, thank you, wilfred for that, and yes, we found nice success with the terra monte tequila when we launched in 2020 covid was a bit of a challenge,

but we bounced back. we had a tremendous year i would be remiss -- we gave so much credit to our partners and our team we wound up becoming the highest selling brand of all categories of spirits in its first year of sales. congratulations to the team. as far as social media, you know, at first i was adverse to social media many years ago. roughly about ten years ago. but then i thought, well, there has to be a way to do it, and there has to be a unique way to do it where it would just allow me to connect directly with the audience, the consumer, the people, who i always feel is our number one boss -- besides my wife and it is -- so far, it continues -- wilfred, it continues football to be the number one driver and most valuable resource and asset that i have in my world, in my ecosystem, my portfolio, you name it because it allows me direct access to the consumer and to the people where

otherwise i certainly wouldn't get it it has really paid off tremendously as you bring up social media and the importance of that when we did launch the tequila the marching orders i had given the team, i said my gut says we don't do anything polished during this time that nothing feels produce. let me just have a conversation with the audience and through social media that's what we did now that will -- we will still apply those ideaologist to zoea, be forward facing, connect with the audience on a personal level, let them understand how deeply personal this brand is to us all, from the name to the packaging, to the taste, to everything else. social media has been the number one driver >> john, i was going ask about the name where does zoea come from? >> i am going to put that one back to dj, but i want to follow on to one thing that he said which is we know that consumer

buying behavior is changing. and we know that these changes are not merely cyclical. they are secular so when you -- when you want to come to market with the new brand that is going to have long standing appeal, and particularly in the minds of emerging consumers, it must have this social media component to it we believe strongly in the science and the market research, but also the social media component. so this is really a brand-new approach, which we look forward to speaking to you all about again and again about how to bring new consumer products to market but i do want dj to tell you about our name and about everything behind it. >> sure. i'll be happy to. >> all right. >> it is a unique name and it first started -- our original name was toa. with a t t.-o-a in our cultures on my samoan side toa means warrior

we felt like we needed an anchoring element to root our brand in the idea was let's service the everyday warriors in everyone across the board oufr, toa, aggressive, a male warrior, in th -- polynesia. we went back to the drawing board and said if this brand is going to be for everybody from a to z, let's remove the t and replace with it a z. >> this company is in a very different place dwayne than when you first signed a deal -- under armour now they are retrenching, trying to elevate some parts of the brand. kevin is no longer there are you still many with that partnership? >> yeah, sara. thank you for asking that.

i know there is a lot of -- that's always on our investors minds can where the company is going. i am still very happy with the partnership. i do think that patrick frisk is doing a really tremendous job during this time you know, there is just -- there is core elements about under armour that serve a very large audience and that of course is innovation it's technology. it is this idea that we will be better today than we were yesterday and work hard, very hard to be better tomorrow than we were today. but bottom line is, i have been very happy and we've also -- you know, the project rock brand, the project rock brand within the under armour brand has done very very well we have seen some really awesome growth and frankly we have been able to touch upon an ideology that again when we talk about white space and things that we feel are missing, there is a white space here that we have been able to tap into with project

rock that white space is, you know, for all the incredible athletes, professional athletes, and they are revered and they are accomplished, at the end of the day, i think what separates project rock from everything else within that brand and from the other sports brands in terms of apparel is it doesn't matter -- for us it doesn't matter how many games you win, if you win a super bowl, if you win a gold medal it really just comes down to simply putting in the work i don't mean to simplify this, but just putting in the work, every day, with your own two hands. in that ideology, you know, i think we have found some really really nice success. because it's not dependent on wins and losses when it comes to project rock so i have been very happy. and i know i speak for my team as well. >> dwayne, can you update us on when the xfl will be back? and will your ownership in it make it a genuine challenger to the nfl.

>> well, right now, our season looks to kick off again in 2022. we are very excited about it you know, the acquisition and that entire process was one that was very challenging for us. still, nonetheless, it is a great opportunity. i feel that the xfl -- number one, the most important thing about the xfl to me -- and i feel confident that i can speak on behalf of my partners, too, as well -- is not necessarily to challenge the nfl and that establishment. it has been around a very long time we are all good friends, are from upper management to the coaches to the players, et ce cetera the number one tonight we have for the xfl is to create opportunities for players who otherwise wouldn't have an opportunity to play. because the nfl -- you know, while these players, they work their butts off. but i was part of that world, where there was my number one goal i didn't make to it the nfl. so that dream did not come true for me now, had there been an xfl

around when i played college football and getting ready to come out into the pros over 125 years ago because i am a dinosaur, then i certainly would have played in the xfl we are excited about the xfl we are not looking to i think challenge the nfl in any way we are simply looking for a -- i don't want the say a shouldering partnership. i won't say that here. i will say that we are just -- we are looking for ways that we can create opportunities for players who are just on the cusp, possibly, of making it in the nfl, but just by virtue of manpower and the decisions that have to be made, maybe they don't have those opportunities well, now this is where the xfl comes into play. and i will say this about the xfl. the thing that we are define being the xfl is this idea that no one will outwork us now, others in the league -- others may be faster, they make bigger, they may be more talented but no one is going to outwork us we are going to take that anchoring element and we are going to infuse our xfl brand

with that, which is we will always be the hardest workers in the room. >> gents, thank you for joining us we really appreciate it, dwayne and john we appreciate it guys thank you so much, enjoy your weekend. >> you too. >> have a wonderful weekend. still to come, reason isture investor bradley tusk says -- companies upt shhh be viewed as hero orvilleans in their attempts to silence trump but something else we will find out what when we come back. a look at the yields down to 1.09 as we round out the week on the ten-year we are back in a couple of minutes. area homeowners

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needed because the quote level of tension in the country end quote. in the capitol, fencing is being instaadt to guard the capitol. for the first time since 2014, some amazon employees will be voting on whether to unionize it's happening at a warehouse in alabama, with more than 6,000 workers. ballots are set to go out next month with the vote count starting at the ends of march. you are up to date that's the news update i will seasoned it back to you sara >> thank you sue herera. spotify is moving lower. is its podcast play under threat wl weilupdate you when "closing bell" comes right back dow is down just about 100 points [squeaky shopping cart]

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dow down 163 president-elect biden expected to give remarks momentarily on coronavirus vaccines let's bring in kayla tausche with what we can expect. kayla? >> sara, we are just getting some word about what the president-elect's mass vaccination spram going the look like some of the tenets are familiar for what we've been covering for a few months now the administration is proposing

to broaden the eligible population to individuals over the age of 65. and also to have vaccines available at pharmacies and outside simply hospitals here are some of the issues that are more novel that are appearing in this plan first they are going to build some mass vaccination sites in urban areas and mobile vaccination sites in underserved rural areas to try to get vaccines to as much of the population as possible we are going to be utilizing the defense production act where needed for both supplies like syringes and vials and storage issues like transportation and refrigeration. they are planning to surge health care workers in areas that are experiencing spikes in the virus. and also where vaccination can underperforming the rest of the country. and they also plan to fund more community health jobs. i believe the number is 100,000 community health jobs to try to put more workers behind this effort to get more shots in

arms finally, they are going to be launching a federally funded national public education campaign think advertisements on tv, on billboards pamphlets arriving in your mailbox to get people educated about the vaccine, how they can get it, where they can get it, and which ones are safe. >> kayla thanks so much for that we have got 13 minutes left in the session. we are down two thirds of one percent on the s&p 150 points on the dow. well off the lows though. coming up next a whistle-blower at exxon and details on the year's biggest ipo so far those stories and many more, when we take you inside the "market zone" next

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sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. welcome back the protect is just beginning making some remarks. i think we are going to join him

live now let's listen in to president-elect. >> so badly hurting right now. millions who never thought they would ever be out of work facing eviction or waiting hours in their cars for a meal from a food bank. i talked about how our rescue plan is a necessary bridge to our economic recovery and our ability to build back better, stronger, and more secure. and while the crisis -- these crises have cost real damage, i explained how it would cost more, hundreds of billions of dollars more, to undo the harm i talked about our moral obligation to act and about the clear economic consensus that making the investments i'm calling for, that the resource that the required deficit spending as the original plans have as well are necessary to get us out of this deep hole we

find ourselves in as a nation. i also talked about our seriousness of purpose our clear plan with transparency and accountability, and why our call for unity is equally necessary. unity is not some pie in the sky dream. it's a practical step to getting things done. we didn't get into all of this overnight. we won't get out of it overnight either but we will get through it and we will get through it together and today, i would like to talk more about what that means, and sparing no effort, and i mean sparing no effort to get americans vaccinated vice president harris and i, we just received a briefing from our covid team truthfully, we remain in a very dark winter. infection rates are up 34% more people are being

hospitalized because of covid than ever before we are up to between 3,000 and 4,000 deaths per day as we approach a grim milestone of 400,000 deaths in america. that's staggering, to state the obvious. i know the pain that so many of you have experienced, are experiencing right now, starting by sitting down for breakfast this morning and staring at a empty chair around the kitchen table where a loved one used to sit, laugh, talk about how you love one another i know the frustration that we are all feeling. almost a year later, we are still far from back to normal. the honest truth is this things will get worse before they get better. i told you i will always level with you you know, and the policy changes that we are going to be making are going to take time to show

up in the covid statistics they are not just statistics it's people's lives. people getting infected today don't show up in case counts for weeks. those who perish from this disease die weeks after exposure so it will take time but i know there are things we can do, and we can do them now for example, the vaccines offer so much hope we are grateful for the scientists and researchers and everyone who participated in the clinical trials. we are grateful for the integrity of the process, the rigorous review and testing that's led to millions of people around the world already being vaccinated safely. but the vaccine rollout in the united states has been a dismal failure thus far n. today's briefings we discussed five

things, five things we'll do in an attempt to turn things around five things to turn frustration into motivation. five thing to help us meet our goal of 100 million shots by the end of our first 100 days in office some wonder if we are reaching too far for that goal. is it achievable it is a legitimate question to ask. let me be clear. i'm convinced we can get it done and this is a time to set big goals, to pursue them with courage and conviction, because the health of the nation is literally at stake first, we will immediately work with states to open up vaccinations to more priority groups the process of establishing priority groups is driven by science. but problem is the implementation has been too rigid and confusing. if you were to ask most people

today, they couldn't tell you who exactly is getting vaccinated what they do know is, there are tens of millions of doses of vaccine sitting unused in freezers around the country. while people who want and need the vaccine can't get it we'll fix the problem by encouraging states to allow more people to get vaccinated beyond health care workers and move through those groups as quickly as they think we can that includes anyone 65 years or older, a population that has accounted for over 80% of the deaths to date 80% of the deaths to date. we are also set to continue vaccinated front line essential workers like educators, health care workers, grocery store workers, et cetera it won't mean everyone in the group will be vaccinated immediately as the supply is not where it needs to be but it will mean that vaccines

become available -- as they become available, they will reach more people who need them, we'll reach out and get the vaccine used the second thing we are going to change, if we are getting more people vaccinated, then we need more vaccination sites that's where we are going to harness the full resources of the federal government to establish thousands of community vaccination centers. on my first day in office i will instruct the federal emergency management agency, fema, to begin setting up the first of these centers. by the end of our first month in office, we will have 100 fed really supported centers across the nation that will ultimately vaccinate millions of people think of the places that are convenient and accessible. school gymnasiums, sports stadiums, communities centers. we have already had productive

conversations with bipartisan groups of county officials, mayors, governors, tribal leaders, leaders of the private sector who shared their ideas with us about this effort. and as we build them, we are going to make sure it's done equitably. we are going to make sure there are vaccination officers in communities hit hardest by the pandemic in black and latino communities and rural communities as well. within the first month of our administration we are going to deploy noble communities, mobile clinics moving from community to community that will part they are with local health care centers and local primary care doctors to offer vaccines and hard hit and hard to reach communities n cities, small towns, and in rural communities. and to staff up these centers, we will mobilize thousands of clinical and non-clinical professionals. think of the people deployed -- this we deploy in natural disasters, experts from the

federal emergency management -- from fema, and the centers for disease control. our public health service commission corps our military medical personnelings our first responders officially we are going to expand the pool of medical professionals including retired health care workers who can administer the vaccine and to ensure we have enough vaccinators to meet the nation's needs as we ramp this up and as governors of both parties have asked, our administration will reimburse states 100% when their national guard is deployed in the fight against covid we'll provide resources to help states cover the cost of personnel, vaccinators, administrative staff, as well as supplies like dry ice and laptops and protective equipment. the third change we are going to make is we are going to fully activate the pharmacies across the country to get the

vaccination into more arms as quickly as possible. millions of americans now turn to their local pharmacies every day for their medicines, flu shots, and much more we are going to immediately start new major efforts working directly with both independent and chain pharmacies to get americans vaccinated this program will extend -- expand beyond access in neighborhoods across the country so that we can make -- you can make an appointment and get your shot, vently show up at a particular time and get it done quickly. -- conveniently show up at a particular time and get it done quickly. the fourth thing we are -- the fifth thing we are going to do is use the full strength of the federal government to ramp up supply of the vaccines we will use the defense production act to work with private industry to accelerate the making of materials needed to supply and administer the vaccine from the tubes and

syringes to protective equipment. and i have already asked the team -- we have identified the suppliers who are prepared to work with our teams. and we are going to work with their teams. not some day we are going to do this when i say we are going to invoke the defense production act, i said go out -- even though we don't have the authority now, go out and identify those companies that are prepared and will be able to do what we are going to ask. as we made clear earlier this month, the trump administration's policy of holding back close to half the supply of the vaccines available did not make sense our administration will release the vast majority of vaccines when they are available so more people can get vaccinated quickly while still retaining a small reserve for any unseen shortage or delays but let me be clear. we are not changing the fda's

recommendation and its recommended dosing schedules we believe it is critical that everyone should get two doses within the fda-recommended time frame. so we are not doing away with that availability. fifth, we will always be honest and transparent about where we stan, both the good news as well as the bad we are going to make sure state and local officials know how much supply they will be getting, and when they can expect to get it, so they can plan right now, we are hearing that they can't plan because they don't know how much supply of vaccines they can expect in what time frame that stops when we're in office. we are also promising to provide regular updates to you, the american people, on our progress and our goals. we will be, i promise you, transparent about the decisions we are making, and why we are making the decisions you are entitled to know

our administration will lead with science and scientists w the centers for disease control, the national institute of health that will be free, and totally free from political influence. a surgeon general who is independent and speaks directly to the american people the fda, whose decisions are based on science and science alone, speaking directly to you. look, while millions of americans have already gotten the vaccine and millions more are all ready to got it we also know we need to address vaccine hesitancy and build trust in many communities we know that's the case for example, in black, latino, and native american communities. people who have not always been treated with the dignity and honesty that they deserve by the federal government and the scientific community throughout our history. we also see that disinformation

campaigns are underway to further undermine trust in the vaccines our administration will launch a massive public education campaign to rebuild that trust we'll help people understand what science tells us, that the vaccines help reduce the risk of covid infections and can better safeguard our health and the health of our families and our communities. it's a critical piece to account for a tragic reality of the disproportionate impact this virus has had on black, latinos and native american people who are being infected at about four times the rate of white americans and dying at nearly three times the rate of white americans. this is unacceptable it's unconscionable. equity is central to our covid response and the vice president and i commit to making sure communities of color and rural neighborhoods, those living with disabilities and seniors are not

left behind in our vaccination plans. look, our plan is as clear as it is bold. get more people vaccinated for free create more places for them to get vaccinated mobilize more medical teams to get the shots into people's arms increase supply, and get it out the door as soon as possible this is going to be one of the most challenging operational efforts ever undertaken by our country. but you have my word that we will manage the hell out of this operation. but as i said last night, we need funding from congress to make this happen and i'm optimistic i'm convinced the american people are ready to spare no evident and no expense to get this done. all these steps will take some time it may take many months to get where we need to be.

there will be stumbles and yes, i know so much has already been asked of you. and when we're sworn in next week, we are going to ask you to keep the faith and keep following what we know works one of our 100-day challenges is to mask up everyone. the day we are inaugurated i am going to ask you to mask up for the next 100 days. this is not a political issue. and i will issue an executive order to require masks where i have the authority to do that. for federal workers, on federal property, on interstate travel, like trains and planes we will also be working with mayors and governors in red states and blue states and ask them to require masking up in their cities and their states. look i hope we now know this is not a political issue. this is about saving lives

i know it's become a partisan issue. but what i stupid, stupid thing for it to happen this is a patriotic act. we are asking you, we are in a war with this virus, and experts saying and showing that wearing a mask from now no. until april will save as many as 50,000 lives. quite frankly, it was shocking to see members of the congress while the capitol was under siege by a deadly mop of thugs refusing to wear a mask while they were in secure locations. i am so proud of my congressmen right here in the state of delaware, lisa rochester trying to hand out masks while people were lying on the floor huddled up and republican colleagues refusing to put them on. what the hell is the matter with

them it's time to grow up the result at least four members of congress to date, including a cancer survivor, now have covid-19 who were in those rooms. for god's sake, wear a mask, if not for yourself, for your loved ones, for your country these are real matters of life and death. we need to you stick with hand washing, social distancing, and avoid indoor gatherings with people outside your own household. we'll be a partner to the states and cities, so where thing are working we'll help do more of the good work. and when things can improve we will bring more resources to bear to get folks tested and vaccinated i promise you, we are going to work closely with non-profits and with the private sector, who

we know all want to partner with us in this effort. the more people we vaccinate, and the faster we do it, the sooner we can put this pandemic behind us. and the sooner we can build our economy back better and get back to our lives and to our loved ones as we are seeing during this pandemic, we can't solve our problems as a divided nation the only way we come through this is if we come through together as americans fellow americans and as the united states of america. vice protect harris and i ran on that and starting at noon on wednesday that's exactly how we are going to govern and ask for your help. god bless you all and keep you

safe and may god protect our troops thank you. >> president-elect -- details please. >> president-elect biden from wilmington delaware there laying out some of his olympians to get the federal government more involved in distributing the vaccine and getting it into the arms of more americans the president-elect saying that, truthfully we remain in a very dark winter, said the vaccine rollout has been a dismal failure in the u.s. and laid out a number of steps involving activating pharmacies, calling on fema to set up vaccination sites to get people vaccinated lower for the week for all the major afternoons except for the russell 2000 small caps of averages obviously investors are watching the vaccine rollout very carefully. let's get reaction from meg tirrell and dr. scott gatt leeb. he laid out five steps, some of

them we knew like invoking the defense product act to some of the suppliers of the vaccines to make more. do you think net/net, it will result in a much faster and more effective distribution than we have now >> well, look, it sounded to me like they are taking an all of the above approach, they are mott going to rely on one distribution scheme to get vaccines into arms they are going to double down on building new vaccination sites, get fema involved in building out new vaccination sites and.at thatting out the existing supply chain, go back to the independent pharmacies box stores, walmart, walgreens, cvs that have vaccinators on site, have capacity to move a lot of patients through and selling the systems and push out supplies to those locations as well. i think that's smart i think you have got the use the resources available. the full compliment of resources available. they can't redo everything that's been done everybody they are inheriting a system that's standing up but what they can do is wrap

around it with new distribution sites. that's exactly what they are doing. >> meg, what stood out to you as far as the different steps that's going to be taken what could make a drastic difference here? >> well, the major difference is just the federal involvement here talking about federal involvement in setting up these mass vaccination sites in school gyms, community centers, getting fema involved from the federal level and not just making fema available if the states want it and the national guard if the states want it but really having it be fed really coordinate oog. we keep talking about 100 million shots in arms in the first 100 shots a day. we are doing 00,000 a day right now according to the cdc data. and secretary azar forecast we would meet 1 million shots a day within a week to ten days. that seems like a fast pace. but we are talking about the end of april 100 million shots in arms. that's 50 million more americans

than have been vaccinated. that's many more than right now. but it is still going to take us a long way to get to her immunity what i was surprised not to hear about in this plan is some sort of government national sign-up, something to make it easier for people to figure out how to get their vaccines i know they talked about more government outreach and more public awareness campaigns maybe that gets wrapped into it. i think some of the frustrations right now for people are figuring out how to sign up to get a vaccine. i think a lot of people will be looking for making that easier if there are going to be changes in. >> doctor, does prioritizing the first dose make sense to you rather than getting both doses done no, i think we should stick to the fda labelling and try the get both doses in patients with the schedule that's been prescribed by the approval the initial challenges with drik of the vaccine

now that they are guiltying solved to some degree now you are hearing states talk about supply soon we are going to talk about demanded it is deep but not wide. there is a cohort who want the vaccine badly. and beyond that because there is friction in the system in terms of the steps you need to go through to get the vaccine there are going to be marginal patients who might have gotten vaccinated if it was accessible and easy but probably won't. i have an idea that the problem of getting 100 million people vaccinated in the first 100 days not going the supply or the demand question, but finding the 100 million people willing to step through the hoops to get the vaccine. >> if you take israel as an example custom a lot of people are haling as doing it right i think they vaccinated 20% of their population at this point

yet they are seeing record hospitaliza hospitalizations, record case asks going through a third lockdown does that -- we are what, 3% of our population now vaccinated? does that suggest this is going to take a lot longer and we could be going into the summer with very high case numbers here in the u.s.? >> well, israel is grappling with new variants that are more contagious they really change the game when it comes to the vaccine. what we are likely to see is the cases starting to decline. i think we are peaking right now. we are starting to see declines in new dily cases. hospitalizations and deaths will lag. as the cases decline january into february the new variant will be gaining traction in the united states. rather than seeing cases continuing to decline we may see them tick back up and settle out into a steady state in the spring or summer so we never really get out of it because of the variant. the only back stop is the

vaccine. that's why it is important to get protective immunity into the population as weapon israel is seeing less cases among the vaccinated population from what you would expect and less forward transmission. that was data out of their health insurers. but they are also grappling with the variant that's more contagious it is going to blunt the impact of the vaccine in that population until they get more people vaccinated. >> dr. gottlieb, and meg thank you for joining us. let's bring in mike santoli now and look at what this means for the market and mike, also today's close, down .7% or so. i guest the best case scenario is that vaccines are rolled out successfully, some form of picking up the pace a little bit. it could take quite a lot of disappointment to spook the markets directly because of that >> most lickly i think more urgentsy and deploying more resources behind the vaccines was pretty much

expected what the market does have here though, and it has had it for a while but perhaps now with a little bit more of a bright light on it is a process to moneyor day-by-day, vaccinations per day is going to be new metric you would have to back slide a lot from the pace expected for that to really start to undermine the premise of what has been driving the market. the market is up 72% over the last ten months it wouldn't take much of an excuse to have it back off after this run. but i don't think it is because of unexpected initiatives coming out of the new administration or some kind of newic had up in the overall process that right now -- new hiccup in the overall process that right now is bothering the market. coming up, bradley tusk is here on why social media companies are really bang president trump. his other for that and whether government should

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let's look at how we finished up the day on wall street lower across the board actually capping four weeks of gains for the s&p 500. down .75% on the day

the groups that worked were the more dsive caution plays like real estate utilities and health care energy and financials bringing up the rear. for the week energy was the best performing group, on top, up 3%. technology and communications services hit the hardest let's bring in stephanie link, ross costridge and -- >> steph, we talked with john rodgers of ariel vchlts about whether now is the time for a pause. he thought yes what do you think? >> i wouldn't be surprised to see a pullback or maybe we just stall out a little bit because we are up as mike mentioned earlier, that we are up over 70% from the lows from last year here's the thing i actually thought that bide just did a good job in calming everybody down, having a game

plan, but $1.9 trillion fiscal stimulus that he put in place or proposed yesterday, i don't think it has a shot at getting that number. even if it is half, that's 2% to 3% of u.s. gdp it is very system lative on top of the $900 billion we passed in january. we need to get all of these fiscal packages put in place to act as a bridge between now and when we can make progress on distribution of vaccines but it sounds like we are making good progress. so i think we can probably see kind of some sideways action given that the economic data is naturally rolling over again because we had to reclose many parts of the economy i think it is temporary. again these fiscal packages getting passed no matter the size is very, very important and it is encouraging that biden is willing to go out on a limb and really be aggressive, at least on his opening bid >> we also got a retail sales report, michelle, today that was very disappointing, especially

if you look at the core retail sales that factors into gdp. what is going on with the consumer >> i think it is as stephanie mentioned. there was a slowdown in the economy at the end of last year as a result of the restrictions that were put in place to fight covid. also at the ends of last year there was this lull in stimulus, in policy. congress was negotiating and trying to work out another package but it wasn't passed until the very end of the year so the consumer faced a weakening labor market with jobless claims and fading fiscal stimulus, as a result there was a pullback i agree with stephanie in that it was likely fleeting and as we look into january and into the rest of 2021 we are facing i think a very different environment, one where stimulus has been passed, it is kicking in we are seeing it clearly in our own internal data that we track. we look atting a straighted on bank of america credit and debit cards. and it jumped higher in january and february as the stimulus

funds are being distributed. stimulus is extremely powerful and important in combatting the pain from the covid pandemic. >> russ, despite the extra run since november, do you want to be putting money into cyclicals. >> i think you do. i think the question is what part of the cyclical segment i kbree with all of what has been said. there is tremendous stimulus we have got financial conditions about as easy as they have been, the household savings rate you haven't seen it this high since the 1970s. debt servicing costs at a low. there was a lot of tail wind behind the economy we know there are going to be short-term hillary clinton ups, but they are opportunities the question is what parts of the cyclical space do you look at i wouldn't chase those parts that have secular head winds instead, whether you look at financial, let's say the regional banks, they will benefit from some steepening of the yield curve. even the more cyclical parts of technology, semiconductors,

payment companies, parts and industrials, materials where you know there are supply constraints. these are all areas that we think have pricing power and that are going to benefit from that acceleration in gdp, and more important, n gdp, custom takes inflation into account, where we expect to get that later in the way. >> fed doesn't want get in the way, michelle. they made that clear in a number of speeches, not talking about exits just rhett but if what russ said and inflation comes is that going to be a head wind what does it do to the stocks and economy this year. >> i think if inflation comes the fed pats itself on the back for allowing the economy to run hot enough to generate that kind of inflation i think it is important the understand the type of inflation that we see. by that i mean it is not just temporary bursts of inflation as

might come as people shift their coupler buying into services once the vaccine is under way and you have that type of immunity it has to be persistent infl inflation. it has to bring up wages that's what the fed will get excited about and eventually prompt them to start hiking an exit from this accommodative stance but they are not going to react to, you know, the first move up in inflation they want evidence that it is going to continue. that i think is citecal. >> guys we have to keep it short today, sorry, because we had to take the protect on vaccine. we will leave it there, russ, stephanie, michelle, goods to see. up next, venture capitalist bradley tusk making headlines for his take on why ci miasoaled companies are really banning president trump right now. he will join us to discuss right after the break.

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webb in his latest op ed bradley tusk from tusk ventures argues that social media companies didn't ban the president from their platforms because it was the right thing to do, but rather because it became a better business decision. he joins us now to discuss too little, too late, you write, bradley. and to keep trump -- to keep or not trump has always about a cold hearted calculated balance of risk and reward and nothing

else tell us more about what you mean by that. >> you have all this political skirmishing right now whether the platforms are too inherently conservative because they deplatformed trump or whether they were too inherently liberal or whatever the argument is. fundamentally, look, i would argue they are not conservative, they are not liberal, they are not republican, they are not democratic they are not anything other man what they are supposed to be which is a company dedicated to maximizing profit for shareholders that's their job that's what they do. twitter and instagram both benefitted, and facebook, tremendously by having donald trump on their platform. you saw that because twitter market valuation dromd buys $5 billion after they abandoned them ultimately the heat was too much and there was pressure from advertisers and employees and customers got to a point where all of a sudden the business calculus changed that's all it was ever was

business calls includes to keep him on the platform or take him off. >> koss the business calls includes now fall, the business value fall on the back of this decision because it finally leads to regulation that has to force them to drastically change their business model >> it very much could. in reality section 230, the federal law that protection platforms like facebook and twitter from what their users post was going to be changed any somehow. their model was probably going to have to change regardless but if there ever was anything propping up section 230's last legs that came crumbling down like you said. yeah, they are going to have to change their model they are going to have more responsibility and liability that's going to make it harder to keep driving -- >> your thesis is an interesting

and fair one even if you accept it, it doesn't really tell us where we go from here, bradley. is it just that these sites are going to allow open dialogue as long as the people are in power? how does that get resolved >> yeah, i mean, i think, look, right now there is a moment for washington to act. whether it is section 230 or new privacy regulations, some sort of u.s. version of what europe has. that would dictate what happens here ultimately, if the government does not act the market will do what it is supposed to do, what it does best, maximizing profit, which means all of these companies will say we are going to make the decision in each case that maximizes our -- and if there comes a point where all of a sudden it does more harm than good we will kick off whoever it was and until that point we are going to keep them on by the way, we are talking about facebook and twitter but there are parallels for

apple and the app store and webb posting and everybody else, too. >> i guess no company is perfect but this past week or two have we had the clearest indication yet that the social media companies know their business model is doing harm in return for dollars? have we had a great sort of due policity in the way they have gone about it and made these changes as if it is the first time they ever realized it jack dorsey seems like a good guy, he has donated to colleges. ist that's admirable but those dollars came from advertising revenue which drove the share price of twitter if he sets aside what might have been the better outcoming never giving donald trump a twitter account or the presidency at all, clearly a lot of people

would say we are not having donald trump and the white house. all of these companies are making decisions based on maximizing their own profit. they may then choose to do something good with their money afterwards but that's almost beside the point. >> did they make the wrong call? you mentioned the stock moved. it is not like president trump no longer president is going to be going away. it is not like qanon -- i mean they got rid of it but the reason it proliferated so long is because it was good business for facebook, as you said so by squashing users and purging, is that a bad call? >> no, they made the right call for the moment that they were in the reason they made the call, i healy doubt it was because all of a sudden mark zuckerberg had a crisis of can shens. it is because advertiser called him and said look we are getting pressure, heat, we are mott going to stay on the platform if you don't do something about trump of once any got enough of those calls they made the

decision at some point that starts to fade away and advertisers don't really care anymore, they could change it. that's why facebook and instagram didn't give him a lifetime ban, they gave him effectively a couple of weekends. >> bradley tusk thank you for joining us. still ahead the big business of african-american beauty brands actress and entrepreneur tracee ellis ross on the fast growing gmt of the beauty industry and the challenges of building her brand during the coronavirus pandemic

time for a cnbc news update with sue herera hi, sue. >> hello wilf. good to see you. here's what's happening at this hour, everyone maryland is asking for costs to be reimburses for responding to the capitol riots. barricades are gone up around the state capitol and 350 national guard members are being brought in to help law enforcement. >> president-elect biden has chosen geneticist eric lander to be his director of the office of science and technology policy. biden is also raising the position to cabinet-level status

for the first time. and the national rifle association has declared bankruptcy the move was expected, as part of the nra's plans to escape legal challenges in new york and reincorporate in texas you are up to date that's news update this hour sara, back to you. >> sue, thank you. shares of netflix standing 50% of last year up next a preview of their earnings report, plus the one metric every investor needs to know "closing bell" back in a moment.

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reputationdefender.com or call 1-877-866-8555. netflix set to report quarterly results next week. julia boorstin has a preview >> wilf, the big number for watch when netflix reports on tuesday is sub viber growth after the third quarter saw a dramatic drop-off from the prior quarter. for this report, netflix forecasts the addition of 6 million new subscribers and just as important of whether they top or miss that number is its first quarter for the first quarter which analysts indicate will lead to the addition of 74 million new subscribers in q 1. a couple of factors 59 play. fete flicks is rolling out increased subscription prices.

and lost some shows such as the office to peek dock. >> and west wing to hbo max, which has taken my interest more than the office. both important shows julia thank you for that >> looking a the chart, it has hovered around flat with some significant chop since the middle of last summer. >> gone nowhere in seven months. this stock has these periods it has huge ramps and then consolidates for a while you wouldn't have to call it cheap over though the valuation has moderated. disly plus stealing a lot of the oxygen things lick roku netflix has been cast almost as the incumbent as opposed to the disruptor in this world but i don't think anything necessarily changed long term trend wise agree that netflix's guidance about the quarter we are in right now is of paramount importance when they report.

they sometimes have a lot of noise in that first quarter report. >> i want to know how many people are watching bridgerton like i am, which is so good. >> if only they told us actual numbers. >> they give snapshots on the hot ones i. >> you know that bridgerton is number one at the moment now you get at least what the top ten shows are. i don't know they give a time line for even what makes the top ten. >> hmm i am not surprised anyway, it's good. after the break, entrepreneur and actress tracee ellis ross on the future othf e media industry and starting her on hair care business. "closing bell" will be right b back hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror?

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more than $8 billion a jeer spent object hair care and beauty in the u.s. african-americans making up a chunk of that spending b half a billion dollars spent on hair care alone one person trying to tap into that spending power is award winning actress tracee ellis ross with her hair care brand pattern. it is sold at ulta beauty stores across the country and has more than 50 products tracee ellis ross joins us to

discuss. are you self funded? how did you set it up? you talk so much about minority access to capital on cnbc. we are wondering what your experience was >> i found operational partners that also are my financial backers. i am the ceo and founder, i have control creative control i was tempted to do it on my own and hire somebody and self fund. i through doing a lot of research discovered it honestly wasn't the smartest the go and i needed support with operational experts because it is not just the funding that makes a successful company but how you strategically play your operations game. so that's been incredibly helpful for me >> it sounds like that worked out. i am also wondering why you will at that. how they managed to woo the

ca kardashians and you. >> ulta has been an extraordinary retail partner they were a great place for me to start i think so often particularly with black hair care and a company that is centered around black beauty, we specifically meet the needs of the curly, coily, and tight texture hair care community but you woulda has doors everywhere, their hair care is active and life. they were not interested interested in just putting us in a corner but instead allowing us access to their customer across the board. and i felt that the natural hair movement that was happening that as many people needed to have access to the products as the company grows as pattern grows we will continue the expand where we are at and our distribution but ulta was and has been a brilliant partner, retail partner for us.

>> tracee, next week netflix will release earnings. i wonder how you have adjusts with your production company and with your shows that you are in front shows you're in front of the camera for. >> i giggled because i was listening to you guys talk about the west wing in bridgertop. i'm also a bridgerton fan. that just tickled me my production company, we are doing stories that are about reframing assumptions about how we see ourselves, content that i think is actually needed i think obviously covid and the pandemic has put a real damper on how we produce an how we do our shows. but "blackish" has been back we've done 16 episodes safely with no covid, no spread of covid within the work environment. it takes a lot to do it properly but it is possible and so i think we will continue

to see all of us adjusting to the world that we're living in now and figuring out how to do that safely. it will be interesting to see how the vaccine kind of plays into that, but i think all of us in all industries are trying to find our way in this and hopefully, you know, for pattern, for example, we really prepared for the pandemic and thought it was just going to, you know, knock us out for a bit, but it really didn't. we realized that hair care is self care. we honor ourselves this way. it's something we incorporate into our narrative in terms of a company and how we market and how we properly communicate with our consumer >> why do you think cpg companies have missed this trend? famously, especially -- what i'm talking ability is the african-american hair care, beauty care-centered products, they famously made an acquisition to get into it why has it been such a blind

spot >> well, i think austin, we hear, i'm thinking of the right way to articulate this but i think austin's spending power is -- often spending power is used as a barometer of our worth and there are not always metrics that take into account our spending power and there's surprise and a lot of forgetting but the richness of our culture is unmatched and the power and beauty of what we are and the importance of the -- what we need and what all of us need is something that i think people are realizing more and more and you see that in how that trend is changing. so i think people are behind the eight ball i have been ahead of it. it took me ten years to get pattern to happen. and i think some of that was the industry sort of having a blind

spot and not understanding the importance and the power of this vast community of people in my opinion, and i think my opinion has some worth at this point, because i've got a company that's working, black hair care is not an off shoot or a subculture it's actually mainstream i think we needed to acknowledge that if you look at how black women, for example, have been so influential and at the center of so many political revolution us and cultural changes and what just happened in this election, it's the same thing in terms of buying power and it's the same thing in terms of all industry, so i think we all need to recognize that the last thing i'll say is that the more we have all of our voices at all takes, the better we are as a world, in industry, in how you're making money, in, you know, in hollywood, whatever space that is, the story telling of who we all are is incredibly important and it makes us all

better so things with products. >> great note to leave it on thanks for joining us. >> thank you for having us. >> up next, shares of wells fargo closing down nearly 8% hear from the cfo. plus wall street look ahd.ea we'll be diving into the key factors to look out for. back in a couple ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away.

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look forward, we're hopeful that the best case scenario, where we start to see acceleration of growth, and if that's the case, we feel very well reserved and potentially a little conservative if the best case plays out going forward >> that was wells fargo's cfo. citi closed down j.p. morgan down 1.8%. perhaps the key take away from this is by the rumor sell the fact the sector had been strong over the last couple of months even j.p. morgan was still down told the other banks continue to

report season for the sector from next tuesday as well. >> yeah. we'll see if we get other reactions to the hot sectors as we get through earnings. the corporate response to president-elect biden's covid plan is starting to trickle in we have a statement from incoming cvs ceo which says, quote, we agree with the president-elect biden that pharmacies will play a critical role cvs health has more than 0,000 trained health care professionals standing by with the capacity to administer prl one million shots per day through our 10,000 locations across the country once the federal program is fully activated. guys, one of the pillars that president-elect biden mentioned was activating the pharmacies. getting the shots for the pharmacies so you can go like a flu shot and get the covid-19 vaccine. all about expanding access we'll continue to see how the market takes a vaccine story and

hopefully faster distribution, mike we'll also get the inauguration next week. market closed on monday. i think there's an ecb meeting and it's fed blackout. so no more fed speakers. >> we're digesting plenty of the fed speak from earlier this week in addition to the continued earnings we're going to see, probably going to test whether or not in fact the market has rushed to a place where it's already pretty much pick up whatever likely good news in terms of economic acceleration is out there there's still. only a percent half off the highs. it seems as if the market want to get through that and stop thinking about anything except handicapping >> another key factor is going to be the pace of vaccine rollout. >> yeah. >> it will be interesting to see if that's a key factor for the

first half of the year in terms of index performances around the world. >> coming at a time when a lot where hospitalizations seemed to have rolled over maybe we're past the intense peak maybe that's going to be day to day and tracking it and charting i. >> we are out of time. thanks for watching. have a great weekend fast money starts right now. >> i'm melissa lee and this is fast money steve grasso, brian kelly, jeff mills and nadine, ceo of sole steen capital. the chart master is out with a big warning on the banks carter worth says it's time to save the financial straight ahead plus volunteer popping and the stock breaking out today one of our advisors say it's just getting started five stocks gaining nearly a fifth in value in five days. we'll bring you the names. we start with a look at the big wave of bank earnings. it is officially earnings season and it's off